Cercano Management LLC (“Cercano”) is an investment adviser based in Bellevue, WA. Cercano began operations in January 2022 and provides investment advisory and other services to ultra-high net worth individuals and their families as well as their family foundations, charitable organizations and other related entities (herein referred to as “Clients”). Cercano Management Holdings L.P. (“CM Holdings LP”) is the sole owner of Cercano and Cercano Management GP, LLC is general partner of CM Holdings LP. Christopher Orndorff and The Estate of Paul G. Allen are principal owners of CM Holdings LP. Cercano is managed by an Executive Committee which includes Christopher Orndorff, Albert Hwang and YB Choi. Cercano currently offers discretionary and non-discretionary investment advisory services to certain of its Clients pursuant to separately managed account arrangements (“Managed Accounts” and each a “Managed Account”). These services are tailored based on a comprehensive understanding of each Client’s unique circumstances, asset base, interests, financial goals and objectives. Cercano manages and advises the asset allocation and investments of Clients. Cercano views asset allocation for its Clients broadly, incorporating non-financial assets that Clients could hold. Managed Accounts are invested across multiple asset classes and are typically designed to include both liquid securities (stocks and bonds) and alternative investments (private equity, venture capital, commercial real estate, and private credit), including investment funds and vehicles. Depending on a Client’s specific circumstances, Cercano could invest a Client’s assets via a separately managed account with a third-party investment manager, via a mutual fund, ETF, investment fund or vehicle managed by a third-party investment manager (“External Fund”) or through one of Cercano’s own private investment funds (see below). All strategies are global, incorporating investments in the United States and around the world. Clients can also elect to have an account with a narrower regional focus. Managed Accounts will be managed in accordance with the investment objectives, guidelines and any restrictions set forth in an investment management agreement (the “Investment Management Agreement”) between the Client and Cercano. Clients can impose restrictions on investing in certain securities, types of securities or industry sectors as set forth in the Investment Management Agreement or operating agreements related to a Managed Account (“Managed Account Governing Documents”). Cercano also serves as the investment manager to privately offered pooled investment vehicles (“Funds” and each a “Fund”). The Funds are generally established as investment vehicles for Clients and made available only to Cercano’s Clients. Based on the investment strategies for a particular Client, Cercano can invest a Client in one or more Funds, each of which has a specific investment objective. As a result, a Client could be invested through the Funds across an array of asset classes. The investment strategies that Cercano utilizes for a Fund, as well as other information about an investment in such Fund, including any investment restrictions, are described

in the particular Fund’s investment management agreement, limited partnership agreement or other similar operating agreements, (“Fund Governing Documents”) offering memorandum and/or other offering materials (“Memorandum”) (Fund Governing Document and Memorandum, Managed Account Governing Documents can be collectively referred to herein as “Offering Documents”) and investors (“Investors”) should refer to such Offering Documents for further information. Cercano tailors its advisory services to the Funds to the individual needs of the Investors in any Fund, and Investors in the Funds can impose restrictions on investing in certain securities or types of securities. Funds advised by Cercano could enter into arrangements (such as side letter agreements) which have the effect of altering or supplementing the terms of a specific Investor’s investment (or group of Investors’ investments) in the Funds, including, but not limited to: (i) waiving or rebating a portion of the management or performance fee; (ii) granting the right to receive reports that include information not provided to Investors in other Funds (such as, but not limited to, portfolio risk and/or investment related information); and (iii) granting such other rights or benefits as can be negotiated and agreed to with such Investors. Certain related Clients have an equity interest in one of the owners of Cercano’s parent company. This indirect equity ownership entitles these Clients to indirectly receive a percentage of Cercano’s management and performance-based fees. While these Clients do not have any enhanced information rights regarding other Clients, the Funds or investments, as a result of this affiliation with the parent company, they can (i) become aware of certain material events concerning Cercano prior to disclosure of such to Clients or other Investors in the Funds or (ii) become aware of certain non-material events concerning Cercano which, due to the immaterial nature, would never be disclosed to Clients or other Investors in the Funds. Cercano does not participate in wrap fee programs. All discussions of the Managed Accounts and the Funds in this Brochure, including but not limited to their investments, the strategies used in management, the services provided, the fees and other costs associated with investments and other terms, are qualified in their entirety by reference to each of the respective Managed Account Governing Documents and Offering Documents. Investment advice is provided directly to the Clients, subject to the discretion and control of the applicable managing member or general partner and not individually to investors in the Funds. Each managing member or general partner of a Managed Account or Fund is subject to the Advisers Act pursuant to Cercano’s registration in accordance with SEC guidance. This Brochure describes the business practices of the managing members and general partners, which operate as a single advisory business together with Cercano. References herein to Cercano should be read to include the managing members and general partners as applicable. As of December 31, 2023, Cercano managed approximately $10.5 billion in regulatory assets on a discretionary basis.